How do I report a direct rollover from a 401k to an IRA

Forum|Forum|1 year ago
February 7, 2025
2 replies
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Best answer by DoninGA

To enter, edit or delete a form 1099-R -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Retirement Plans and Social Security
On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

DawnC

Employee

You should have received a 1099-R that gets entered into TurboTax. If it was a direct rollover, it won't be taxable. Where do I enter a 1099-R?

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minin4pd

I entered the 1099-R, but TurboTax includes it as income instead of a direct rollover. It makes calculating whether the standard deduction or the itemized deductions are the way to go impossible.

DoninGA

Employee

@minin4pd wrote:

I entered the 1099-R, but TurboTax includes it as income instead of a direct rollover. It makes calculating whether the standard deduction or the itemized deductions are the way to go impossible.

Was the code in box 7 a G—Direct rollover of a distribution to a qualified plan, a section 403(b)
plan, a governmental section 457(b) plan, or an IRA.?

Did you indicate that you move the distribution to another tax deferred account?

What is shown on your Form 1040 Lines 5a and 5b or Lines 4a and 4b? Is the word ROLLOVER entered on either Line 4a or 5a?

DoninGAAnswer

Employee

To enter, edit or delete a form 1099-R -

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R